Wells Fargo Unit in Park Avenue Office Deal

NEW YORK CITY-Wells Fargo Trade Capital, a subsidiary of the financial services giant, is signing up for the entire third floor at the recently repositioned 100 Park Ave. The 44,716-square-foot lease is for 10 years, beginning April 1. Asking rents at the recently redeveloped tower range from the high $60s on the lower floors to the mid $80s for upper floors.

In a relase, Steven Durels, EVP and director of leasing and real property for building owner SL Green Realty Corp., says the transaction “is further validation of the successful redevelopment of the building.” Durels tells GlobeSt.com that Wells Fargo Trade Capital wanted a more efficient space. “They were coming out of a building they’d been in for a number of years, on multiple floors with smaller floorplates,” he says. “They’ve grown during that time; in fact, they had record earnings over the past couple of years. They wanted to maximize their space.”

To that end, the new tenant’s build-out will aim for efficient use of space. “They were very conscientious about not overspending for their space,” Durels says. “Hence, their taking a lease on a low floor–they were not about being at the top of the building.” Nonetheless, the Wells Fargo subsidiary was attracted to the higher profile at 100 Park, as well as its pending LEED Silver certification.